Minister: budget overspending to be kept within limits

16:20 | 03/11/2017 Finance Follow english.haiquanonline.com.vn on

The Government will keep State budget overspending not to exceed 3 5 percent of GDP and less than 178 trillion VND 7 8 billion USD as set by the National Assembly NA said Finance Minister Dinh Tien Dung

minister budget overspending to be kept within limits

At the fourth sitting of the 14th NA on November 1, he said budget overspending has been curbed for the first time over the past decade, adding that the Government plans to adjust its proposal of budget overspending of 3.7% of GDP in 2018 to 3.6% and at 3.4% in 2020.

The move is hoped to maintain public debt ratio at 63.9% of GDP, which is within the legislature’s limit, he said.

Dung said domestic budget collection has expanded by 83.3% and the number is projected to climb to 85% in 2020.

The Government is calling on ministries, agencies and localities to practice thrift, the minister stressed.

Dung reported that as of September 30, 2017, tax debts totaled VND73.9 trillion (US$3.25 billion), of which more than VND27.6 trillion (US$1.2 billion) or 37.4% of the amount was recoverable.

Source: VNA

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